NDIC, CIBN strengthen collaboration on financial sector risks
The Nigeria Deposit Insurance Corporation (NDIC) and the Chartered Institute of Bankers of Nigeria (CIBN) have pledged closer collaboration to address emerging risks in the country’s financial sector.
Oludare Sunday, Managing Director and Chief Executive Officer of NDIC, made the pledge when Pius Olanrewaju, CIBN President, led members of the institute’s governing council on a courtesy visit to the corporation’s headquarters in Abuja.
Sunday said the fast-evolving landscape of digital banking, cybersecurity, fraud, and risk management requires stronger cooperation between regulators and industry stakeholders.
“Regulators and operators must come together to proffer solutions that build a stronger financial ecosystem,” he said. “As innovations reshape the sector, our responsibility is to ensure stability while delivering value to the economy.”
He praised CIBN for promoting professionalism in the banking industry and urged the institute to partner regulators in developing innovative failure-resolution strategies to strengthen financial system resilience.
He also reaffirmed NDIC’s commitment to supporting professional bodies in designing programmes that encourage innovation without undermining risk management.
In his remarks, Olanrewaju congratulated Sunday on his appointment as NDIC boss, expressing confidence in his leadership to sustain public trust in the deposit insurance system.
He applauded NDIC’s recent achievements, including the upward review of deposit insurance coverage, which he said has boosted public confidence in the banking system.
Olanrewaju also lauded the use of technology in reimbursing depositors of the failed Heritage Bank and the prompt commencement of liquidation dividend payments within a year of its closure — describing the move as unprecedented in Nigeria’s banking history.
“These achievements have significantly enhanced depositor and investor confidence in the financial system,” he said.
He further commended NDIC’s “invaluable contributions” as an active member of the CIBN governing council, noting that its participation has strengthened oversight, policy direction, and ethical leadership.
